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DeMint Statement on Fannie Mae & Freddie Mac
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September 7, 2008 - Washington, D.C. - Today, U.S. Senator Jim DeMint (R-South Carolina) announced plans to seek Senate approval of legislation banning Fannie Mae and Freddie Mac, now government-controlled entities, from lobbying Congress.
"For years, these two mortgage giants have used taxpayer guarantees to gain enormous profits and lobby Congress to look the other way while they failed homeowners. Now that the federal government has taken control of them, the time has come to stop their lobbying practices and make sure American tax dollars are not being used to win more favors from politicians.
"It is disappointing that American taxpayers are being forced to rescue these two failed mortgage giants, but I am glad to see the Administration is taking out the management in the process. Despite Secretary Paulson's insistence that their bailout authority would not be used, most of us knew better. The only real question then and the critical question now is how much American taxpayers will be forced to shoulder in this mess.
"The structure of Fannie Mae and Freddie Mac is fundamentally flawed, and now is the time to fix it. These mortgage giants must be broken up and forced to survive in the marketplace without taxpayer guarantees. Allowing them to survive into the future with explicit government backing will only bring more harm to American homeowners and greater debt to American taxpayers.
"I call on both presidential nominees to back the common sense proposal to end Fannie & Freddie lobbying, and help us enact long-term reform for these mortgage giants so they are market-based and not supported by American taxpayers."
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